Cibil dropped by 70 points due to wrong reporting by SBI

[SaGa25]

Hi,

I had taken a car loan from SBI this year. Due to their internal system error they could not deduct the EMI and have wrongly reported the delay to credit bureaus by 10 days. The branch head is cooperative and is ready to write to CIBIL team to correct the discrepancy and restore the score.

Need help from the community on the next steps on how to resolve the impact on credit score? Shall I ask the branch to send communications to all the credit bureaus separately? How long does it take to rectify the discrepancy?

Kindly help on the same and share other suggestions, if any

 

[Sahilhenzy]

I am not denying his BM does not know the process..
All I said make sure that the report was updated by following it up until it was done either by BM or whoever was responsible in that organisation…
I advised him not to just rely on any individual..
Have you read all my posts above in this regard??

Apologies!. It was a mistake from my side.

 

[SSV]

Apologies!. It was a mistake from my side.

No apologies needed, just highlighting the fact…
Let’s move on …

 

[sidp]

When branch manager has power to approve the application then he has power to update the bureau report aswell.

All major banks, mandated by law, follow core banking system. Go to any major banks like sbi/axis/hdfc/icici, most bm/ch or people from loan department dont have any idea about cic reporting.

Sbi has>22k branches. If they give bm direct authorization to update cic records, no late payment will be posted. They will take bribe to update anyone's record.

What they do is raise service request, and put supportive remarks, and someone in backend do cross verification.

 

[Vasuki]

All major banks, mandated by law, follow core banking system. Go to any major banks like sbi/axis/hdfc/icici, most bm/ch or people from loan department have any idea about cic reporting.

Sbi has>22k branches. If they give bm direct authorization to update cic records, no late payment will be posted. They will take bribe to update anyone's record.

What they do is raise service request, and put supportive remarks, and someone in backend do cross verification.

Bm be like
Ab ulip becho na becho
Ghar m Paisa he paisa hoga

 

[SaGa25]

Thank you for the response on the post.

As an update, my branch manager has written to internal nodal officer in SBI stating that the mistake was from bank’s end and has requested them to remove “dpd” (days past due) tagged to loan account.

As previously mentioned by someone, bank also gave similar timeline. It typically takes 3 months to reflect the changes in CIBIL and other credit bureaus.

 

[Vasuki]

Thank you for the response on the post.

As an update, my branch manager has written to internal nodal officer in SBI stating that the mistake was from bank’s end and has requested them to remove “dpd” (days past due) tagged to loan account.

As previously mentioned by someone, bank also gave similar timeline. It typically takes 3 months to reflect the changes in CIBIL and other credit bureaus.

If u have cibil subscription u can see the next day they report to cibil 🌚

 

[SaGa25]

If u have cibil subscription u can see the next day they report to cibil 🌚

Unfortunately I don’t have a subscription and for some reason whenever I login to my cibil account it throws an error.

I typically check by cibil score through 3rd party websites.

 

[Ak Singh]

Unfortunately I don’t have a subscription and for some reason whenever I login to my cibil account it throws an error.

I typically check by cibil score through 3rd party websites.

I had applied sbi cc on april 5, and there is two enquiry on 5 april. so should I contact to sbi to remove 1 extra enquiry?
and where to mail?

 

[Vasuki]

I had applied sbi cc on april 5, and there is two enquiry on 5 april. so should I contact to sbi to remove 1 extra enquiry?
and where to mail?

Sbi cc is different entity.
Contact them through Twitter they will call & follow up

 

[neo.puneet]

SBI has ruined many cibil scores including mine. As much as possible, stay away from this sh1tty bank (except cashback CC of course)